<h3>3. Dividend Policy</h3>

　The Company has not paid dividends to shareholders since its founding, as it continues to make significant upfront investments in research and development. To establish a strong corporate foundation, it is essential to advance our existing development pipeline and expand our new pipeline. Accordingly, we will actively allocate resources to research and development activities. For the foreseeable future, the Company will prioritize retaining earnings and securing funds to strengthen research and development activities rather than paying dividends. However, we recognize that returning profits to shareholders is an important management priority, and we will consider implementing dividends after comprehensively reviewing our business performance, financial condition, business plans, and other relevant factors.


　When the Company pays dividends from retained earnings, it currently plans to do so once per fiscal year at the fiscal year-end. The Company's articles of incorporation provide that interim dividends may be paid pursuant to Article 454, Paragraph 5 of the Companies Act. The decision-making authority for these dividends is the shareholders' meeting for year-end dividends and the board of directors for interim dividends.

Our basic policy is to prioritize securing funds for strengthened research and development activities through retained earnings, rather than paying dividends in the near term, as we continue to make upfront investments in research and development. Should we decide to distribute dividends from surplus earnings, we plan to do so once annually at the fiscal year-end, though our articles of incorporation also allow for interim dividends.

(E27038) Dividends

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Dividend History (Forecasts, Revisions, Actuals)